By Jesse Newman in Chicago and Jennifer Smith in New York
Congestion at Chinese ports and interrupted sailings have squeezed space on China-bound vessels and left an imbalance in shipping containers, especially the refrigerated ones used for farm products; “Everyone is fighting for containers. It’s cutthroat.”
Judge Michael H. Simon of the U.S. District Court in Portland, Ore., on Thursday affirmed a November jury finding that the International Longshore and Warehouse Union and its local chapter engaged in unfair labor practices between 2013 and 2017 against the prior operator of the port but said the evidence only supported a judgment of roughly $19 million.
Hiring at delivery companies plunged in February while other transportation and logistics-sector providers added jobs, reflecting a mixed economic picture in the weeks before the coronavirus took hold in the U.S.
China State Shipbuilding Corp. has raised 5 billion yuan ($718.2 million) by selling so-called “coronavirus bonds” to replenish working-capital facilities that were severely depleted by the coronavirus outbreak.
Many U.S. ports are expected to handle 20% less cargo this quarter as fewer shipments from China make their way to America as a result of the coronavirus epidemic, according to the American Association of Port Authorities.
Canadian National Railway’s chief executive said the company would strive over the coming days to meaningfully reduce the backlog of freight caused by blockades that choked off key economic corridors last month.
The epidemic has revealed a central problem for the global manufacturing industry: China’s shadow has grown so long that even companies that have moved on can’t wriggle free of the country’s grip on supply networks.35
After employees at a German auto supplier started falling ill with the coronavirus, executives and health officials used detective work, rapid testing and isolation to limit the spread. The quick response is an example of how to contain a virus that remains little understood.3
Berkshire Hathaway has backed out of financing a major gas project in Quebec, prompting worries that international investors are increasingly shunning Canada after protests over another energy project.